4910 BLACK FOREST LN 2016-01-01 MF Import

� i 2. First Lien Se�uritv Interests. To secure the Debtor's 1 obligations under the Notes, the Debtor executed a separate deed of 2 tr.u�t in favor of Continental as beneficiary to secure each of the 3 u �� Each of the Deeds of Notes (collectively the Deeds of Trust ) . 4 Trust is in first lien position aqainst one or more of the lots 5 comprising the real property legally described on Exhibit A 6 attached hereto and incorporated herein by this referance 7 (collectively the "Subject Property") . Copies of the Deeds of 8 Trust are attached to the Affidavit of Alden J. Fischer, Jr. , on 9 file herein as Exhibits H through N and incorporated herein by this 10 reference. 11 3. The Debtor's Situation Prior to Bankruptcy Filina. The 12 Debtor has not made the monthly interest payments that have become 13 ' due on its loans secured by the Deeds of Trust since at least 4 14 March 1, 1989, and has not proceeded with construction on the 15 Subject Property since prior to that date. Although construction 16 on Lots A, B, C, and D has been completed, construction on Lots E, 17 F, G, and H is still in progress. A number of subcontractors and 18 materialmen have either filed liens or have threatened to file 19 liens covering materials or services provided to the Subject 20 property for which they have not been paid. The Debtor is 21 therefore in default under '�he terms of the Notes and Deeds of 22 Trust. 23 4. Non-Judicial Foreclosure Actions. Continental initiated 24 non-judicial foreclosure actions against Lots E, F, G, and H on or 25 HILLIS,CLARK, � Stipulation and order MARTIN& PETERSON,P.S. ATfORNEYS AT IaM' - Granting Relief from Automatic Stay - 2 SpOGALLANDBUiLDING � 1711 SECOND AVENUE SEA7TLE,wASHINGTON 981M-2915 62J-i]a5